“Brexit” and its effect on the markets…

13-04-2016

The EU Referendum on the 23rd June is growing closer and the media is picking up more and more coverage before the big event. This is already having an effect on the pound sterling with some fairly volatile moves as news comes out of both the in and out camps.

Current polls suggest the “out” campaign is slightly over the halfway line at 52%. This is certainly holding back the GBP to EURO rate at the moment and in my opinion we will likely see further losses as we approach the crucial vote.

The IMF has recently warned of a global economic impact should the UK leave the European Union and I fully agree with them. Should the UK leave there is a high probability we could see parity between the Pound and the Euro, this is also reflected by a recent statement from HSBC after a raft of other major corporations warned of the fallout to come from an exit.

So even though we were seeing levels of 1.40 6 months ago we are unlikely to be seeing these again for a fair while¬†time to come. Today the GBPEUR rate is sitting around 1.26 and although this doesn’t sound great this may become a new high going forward.

If you have a holiday coming up before June 23rd it may be worth buying your currency now before rates slide further. I will be providing updates as we draw closer to the vote on which way its looking likely to go. This will inevitable make a huge difference to future rates.

So for high street beating rates feel free to inquire today to see what deal you can get for your money at help@currencydeals4u.co.uk.

Matthew Sinclair

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